Posted by Jack on June 29, 2003 at 22:46:05:
Would the vehicle have to be 100% used for business?
tax loop holes? - Posted by Alex F. (CA)
Posted by Alex F. (CA) on June 29, 2003 at 12:18:52:
I just met with my CPA last week. I’m selling 2 properties and taxes are going to kill me. The 1st property, I’m doing a 1031 exchange and the 2nd I’m going to have to take a big hit, approximetly 34% because of my tax bracket and holding the property for less than 1 year. I have an LLC, in which my propeties are under, so I’m thinking of expensing a lot of purchases through my LLC to lower my taxes.
What other strategies do you have for lowering taxes (besides 1031 and the capital gains exclusion)? For those that are incorporated do you guys max-out on your expense write-offs to lower your taxes? I’m just trying to figure out legitimate ways to deal with taxes.
I hate the old saying…“One thing is for sure, death & taxes”
Thanks,
Alex F. (CA)
Re: tax loop holes? - Buy a SUV! - Posted by Bob K.
Posted by Bob K. on June 29, 2003 at 17:03:53:
Here are two articles my CPA sent me on the section 179 of the tax code for small business owners that allow them to purchase a vehicle - and then write the cost off against your gains. I took him up on his tip and just purchased at 2002 Eddie Bauer Expedition. That $25k I spent can be completely written off of my business gains. That saved alot of $$ in taxes - plus I needed a new vehicle anyway. Check the Section 179 election out with your CPA - it may work well for you too.